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that ininterview. things that he had to say about the economy. what was your overall take o the interview with governor o'o'malley? >> he is trying to have it both ways. hehe is trying to raise his national profile in a number of ways, but he i is also tryiying to do it in n a way that makes it clear that his main focus is governing the state of maryland. >> e economics back a sarah palin? -- you do not expect a sarah palin? >> he is going t to remn chief execute of the state of maryland for the remainder o of his s term there is relief that the worst of the pain and the state of maryland seems to be over. he can pivot past that. he can focus on the death penalty aeal. -- death penalty appeal. he can focus on wind power. >> l's turnrn to your talk with governor o'malley how to pay for it. his preference is for an increase in the sales tax. >> iyou went to a community meeting and asked 30 people, if you had to choose between raising 700 milon by increasing the gas tax by 18 cents, or by increasing the sales tax by a penny, most people would say -- they did not want to do either, but if the
holding the american economy hostage, and president obama says they wouldn't collect a ransom. this is "the ed show." let's get to work. >> the issue here is whether or not america pays its bills. we are not a dead beat nation. >> the president draws a line in the sand for republicans. >> they will not collect a ranson in exchange for the economy. >> on whether republicans will actually listen. one month after sandy hook, the president says he has the vice president's gun recommendations. >> my starting point is not to worry about the politics. >> but will spineless republicans kill reform? one republican threatens impeachment if the president signs an executive order on guns. dan gross of the grady campaign is here regarding comments that the nra is gearing up to sell guns. and former secretary of state colin powell calls out republicans on race. >> there is also a dark vein of intolerance. >> dr. peterson joins me to discuss the republican response. good to have you with us tonight, folks, thank you for joining us. president obama took on the single greatest threat to the ec
. >> they will not collect a ransom in exchange for not crashing the american economy. >> the republican game of chicken is over. eric cantore proposes a three-month deal on the debt ceiling. some democrats are calling it a trap. i'll ask dnc chairwoman debbie wasserman schultz what she thinks. democrats are about to drop the ball. tonight, my message to senator harry reid. plus the american people are getting ripped off by a congress that just isn't working. congressman rick nolan, there 30 years ago. he is back now and he can't believe the difference. he is wondering, are we getting paid for this? >>> is it really an admission of guilt if you don't show any remorse? >> it did not even feel wrong? >> no. it's scary. >> did you feel bad about it? >> no. even scarier. >> psychologist dr. jeffrey gardere on lance armstrong's bizarre performance last night. >> good to have you with us tonight, folks. thanks for watching. republicans surrendered today in one of his biggest fights. president obama warned republicans about taking the debt ceiling hostage. it looks like they heard the message. >> the financial
is still holding the american economy hostage, and president obama says they won't collect a ransom. this is "the ed show." let's get to work. >> the issue here is whether or not america pays its bills. we are not a deadbeat nation. >> the president draws a line in the sand for republicans. >> they will not collect a ransom in exchange for not crashing the american economy. >> tonight, congressman jim mcdermott's reaction to the president's tough talk on the debt ceiling. e.j. dion and ruth con connaught on whether the republicans will actually listen. >>> one month after sandy hook, he has the president's gun recommendations. >> will spineless republicans kill reform? one threats impeachment if the president signs an executive order on guns. dan gross of the brady campaign is here with reaction to the president's comments that the nra is joining up fear to sell guns. >>> and former secretary of state colin powell calls out republicans on race. >> there is also a dark -- a dark vein of intolerance in some parts of the party. >> dr. james peterson janes me to discuss the republican r
's happening in the political world and the economy which we're in. the situation with the gun violence is very close to home, because i do enjoy -- even though i'm 60, i still go out and hunt and shoot a deer and kill a turkey to eat. host: thank you very much. by the way, the full presentation by the president yesterday, you can certainly watch atlanta cspan.org. good morning, what kind of work do you do? caller: i'm in the mental health field. each level of the patients have had different mental health issues. and i have really been waiting for this issue to come up, because that's what concerns me the most. i have worked with people that have multiple personalities. we have been scared to death. they pick beds up. they have tremendous anger in there. i don't think they get the proper care that they need. and after a while, they're released and that is something that i'm really concerned with. it's not about who is able to get a gun, who is able to have a gun. that's not the issue right here. the issue is that we have to start dealing with people with mental health issues. i have worked in a
to do is have that take place when the republican position on the debt takes the economy hostage. that is off the table. i think the president is smart to be firm and clear on that. next time it would be democrats if we had a republican president. ashley: would you agree, i know it is out of your area, but the senate has not passed a budget in four years now. would you agree with republicans that it is not the way to go and i could, in fact, be breaking the law without i do agree with them. we actually have not passed the budget. i am with them on this concern about our inability to actually do the basic work that a legislature must do. ashley: i know bernanke, timothy geithner, rating agencies and many more states what is the point of a debt ceiling? we routinely raise it anyway. what is the purpose? >> there is no purpose. the debt ceiling has become a device for fiscal irresponsibility. republicans and democrats both dated. senator obama voted against the debt ceiling increase. if we have this credit downgrade, and we had a credit downgrade, as you know, last august. we have t
lost the election, you can't just crash the economy if you don't get your way on the budget. this is, of course about the debt ceiling which smart republicans know full well is a trap for the gop. newt gingrich no stranger to setting up high-stakes showdowns with candidates, put it pretty clearly on joe. >> they have to find in the house a totally new strategy. i mean confronting -- everybody is talking about okay, now here comes the debt ceiling. i think that is frankly a dead loser, because in the end you know it is going to happen. the whole national financial system will come into washington by television and say oh, my god, this will be a gigantic heart attack, the entire economy will collapse, you guys can't be responsible. >> the only problem for john boehner and company, you couldn't just tell them they can't. they wouldn't accept that. so at the retreat this weekend, house republican leaders have been trying to coax their leaders down from the tree, not all the way, not completely on to solid ground, but maybe on a more secure branch. house majority leader eric cantor said n
of rules that have been established that are impossible to meet without doing severe damage to the economy. we're not going to put ourselves in a position where, in order to pay for the spending we have already incurred, where the two options are we were way to either profoundly hurt the economy, hurt seniors, hurt kids trying to go to college or we will blow up the economy. we will not do that. not whatever congress does. they will have to send me something that is sensible. we should not be doing this in a one-three month time when. why should we do that? where the united states of america. we cannot manage our affairs in such a way that we pay our bills and provide certainty in terms of how we pay our bills? look. i do not think anyone would consider my position on reasonable. major, i am happy to have a conversation about how we reduce our deficits. i'm not going to have a monthly or every three months conversation about whether or not we pay our bills. that in and of itself does severe damage. even the threat of default hurts our economy. it hurts our economy as we speak. if we want t
the key message of deep spending cuts, not the message that deep spending cuts will help grow the economy and help create jobs. . . but i did hear no budget, no pay, aimed at democratic senators but then deemed unconstitutional, and an extension of the debt ceiling for about three months which is okay. . it doesn't really go to the heart of the matter. we're going to have a report on this whole story in just a moment. . meanwhile, better news, the stock rally continues up 54 points on the dow, 161 points for the week. get this, a 35% gain in the broad s&p 500. . just since early october 2011. that's right. it's like a stealth rally. it keeps on moving. we'll talk to a leading investment ceo a bit later in the program. . first up, in williamsburg, virginia, today, house republicans have agreed to take up the plan next week to extend the debt ceiling with some conditions. i think that's boring and uninspiring. let's go to the source of this cnbc contributor robert costa. . . i think it's boring, boring, boring. you tell why this is a great. are not attached to this proposal. very three mont
talking about it, investors should be focused on making money in the economy and corporate profits are healthy enough to do that. joining us now, start with this. why can you possibly say don't worry about washington because long-term interest rates go up, stocks will not be undervalued, they will not be cheap and that could hurt the stock market. >> this is a great point you are making, but we put, believe it or not, a 5% 10-year treasury yield into our stock market model. we are assuming interest rates soar from here. and stocks are still undervalued today. we can take a lot higher long-term interest rates put my real point about this is if we go back a few years, the first fiscal cliff, the 2010 tax cuts were going to end. the first debate over the downgrade. all of those things happened, and yet the market kept going up. same with the fiscal cliff this time, and i believe people are overly concerned about a lot of the things that are happening around the world. the economy continues to grow, the stock market is really cheap, and that is what investors should focus on. if you go
we can go back to the exciting ideas that can lead to the next waves in the economy. the other one is the political environment -- sorry. it can be hard to ignore, but were going to do it. another piece of the political environment, where we had the ability to fix the situation. we know to fix this. we needed a comprehensive dead deal that's big enough to stabilize the debt and we'll remember that. when you're trying to balance the budget. were not very. were not going to be there soon. you have to make sure that that's not faster than the economy and it's on a downward path and the problem is so big or too calm% year to look at every part of the budget. you have to look at defense spending. you have to clearly focused on health care costs, which go faster than the economy. we have to fix our social security system, which makes promises bigger than what we can pay out on the road. we have to raise revenues. we started down the path, but we haven't looked had to do about overhauling tax system, which would you want to raise revenue, you could do in could do in the way bad for the ec
on the economy or jobs. we have been very reactive to what is happening in the headlines, not atippal for a second president. but it is the soft under belly of the obama presidency. at then of the second sterl, if this chidoesn't turn around and unemploint ployment doesn't come down, the obama agenda will be a failure. they are making a huge mistake, trying to beat up on rich people, businesses and small businesses and raise taxes. the result of the policies, eric, is that unemployment will continue to stay high and poverty rates will continue to skyrocket. when you beat up on the rich, you create more poor and you make your budget problem worse because there are more people on welfare than there were before president obama came to office. >> what happened if there were more people on welfare and if the unemployment rate doesn't go down? >> that has to be the primary focus needs to be. there are two major challenges right now. first, this economy is focused for liftoff. in the corporate world, we are at the highest profit levels we have been since world war two. their productivity is
the replacement level. and that's causing concern for california's economy because the retirement population grows and there are fewer workers to replace them. in the meantime birth rates have gone up in texas, georgia and florida. >>> 7:35. the trial and a massive corruption case involving an entire southern california city starts this week. the mayor, vice mayor and four former council members from the city of bell are charged with misappropriation of city money. prosecutors claim the city leaders looted the city's treasury to pay themselves huge salaries. the biggest compensation package was for the city's chief administrative officer of $1.5 million. jury selection begins tomorrow. >>> some san francisco muni workers earned a lot of overtime in the last fiscal year. the "san francisco chronicle" reports one supervisor worked more than 2200 hours of overtime. that's the same as working a second full-time job. in 22 of the top 25 earners in the entire city worked for muni. muni's chief says most of the overtime is due to maintenance work being done when fewer vehicles are in service which is mos
similar things and have also had some success in creating more monetary policy support for the economy. >> you had mentioned that there has been evidence that the longer-term interest rates have come down to the initial round. concern is that the unemployment rate remains very high and activity would try to bring that down and one would hope to see additional movements from the most recent round. are you suggesting that one would need to be patient? needs a little bit more about how you would assess how this is having the kind of effect that you would anticipate? >> well, we will be doing that on a regular basis. we will be looking at the impact on financial markets and we will see some effect there. we will look to see whether or not the labor market situation. we first started talking about a .1% on employment, there has been some movement. there was nearly 40% of the unemployed having been out of work for six months or more. that is a situation where there are too many people i can give you specific criteria except to say that we will be assessing the impact of our actions a financi
escalates the fight on the w economy. is the debt ceiling negotiable? your thoughts? send us a tweet or post your comment on facebook. you can also send us an e-mail. president obama held his last official news conference of the first term yesterday in the east room of the white house. here's what he had to say on the debt ceiling debate. [video clip] >> republicans and congress have two choices. they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. but they will not collect ransomed in exchange for not crashing the american economy. the financial well-being of the american people well-being is not a leverage to be used. the full faith and credit of the united states is not a bargaining chip. they had better choose quickly, because time is running short. the last time republicans in congress even flirted with this idea, r. triple-a credit rating was downgraded for the first time in our mystery, our businesses created the few jobs in any month in nearly the past three years, and the whole fiasco added to the deficit. ho
sensitive to the economy commodity in the world. ip took out a lot of capacity. ip is a genius. this company's had an unmitigated run. capacity's constrained, prices going up, 95% of capacity. that is like -- you can put the price increase after price increase, that says the economy is much stronger than expected. this is the first commodity to raise prices big when things get better. they're raising prices consistently. very bullish. >> that is a great, great tell. still more to come this morning. get ready for an ipo hat trick, sunco energy partners, norwegian cruise lines, all making their debuts this morning. stick around to see how they open for trading. the opening bell is just a few minutes away. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. ♪ [ indistinct shouting ] [ male announcer ] t
spend on everything from education to public safety less as a share of the economy that has been true for a generation. that is not a recipe for growth. we have to do more to stabilize the finances over the medium and long-term, and also spur more growth in the short term. i have said i am hoping to making modest adjustments to programs like medicare to protect them for future generations. i also said we need more revenue for tax reform by closing loopholes for the wealthiest americans. if we combine a balanced package of savings from spending on health care and revenues from closing loopholes, we consult the deficit issue without sacrificing our investments in things like education that are going to help us grow. it turns out the american people agree with me. they listened to an entire year's debate over this issue, and they made a clear decision about the approach they prefer. they do not think it is fair to ask a senior to pay more for his or her health care or a scientist to shut down like that saving research so that a multi millionaire investor can take less in tax rates then a
talked about politics and about constitution, institutions. we talked about the economy although we've alluded to this aspect to it let me ask you to take off your journalist hat and put on your markets have and ask a simple question is venezuela going to buy, sell or hold? >> i think what we are going to see in the short term is a great deal of turmoil to reverse of markets -- capital flees some certainty. so, right now you have on uncertainty because nobody knows what's going to happen. nobody knows that he's alive or dead or on life support although we did hear from his brother yesterday that he is not in a coma. we thought he was either in a, or on life support. now we know he is not. other really insightful information we've gotten from the regime or that he's in a stationary situation. i have no idea what that means. that is a stationary situation. >> his treatment was being assimilated. they are still using that, his treatment is being assimilated. so we haven't really had any insight into whether chavez is going to make it or not. the prospects are probably that he is not. w
the gulf we recognize that healthy echo systems also can mean healthy economies. and from louisiana what we have taken, what we believe is a very good first effort in addressing both the vulnerability that exist with the state's master plan has which is is a long-term plan addressing the ecological but reducing the risk across the coast. we believe we can achieve a 100-year protection for the community it's the resources that important. the ecological resource that's state provides and the gulf provides to the nation that if it's going to be afforded through the nation it has to provide protection to those communities who provide that. we believe that this plan we can have sustainable long-term healthy echo systems but also healthy communities and economies. there's an essence a form of what we call social engineering. if you can't ensure the communities, the supermarkets, the schools the things that community depend on, they will not survive. we want to make sure that we're developing both a healthy echo logical system but -- we have gone a long way in first attempt. it's not perfect. we h
the private and the public economy, balance between the cost and hoped for advantages, balance between the clearly necessary and the comfortably desireable, balance between our essential requirements as a nation and the duties imposed by the nation upon the individual, balance between actions of the moment and the national welfare of the future. good judgment seeks balance in progress, lack of it eventually finds imbalance and frustration. >> words of president eisenhower 52 years ago. are those words relevant today as he talked about what government can and cannot do in solving problems. that speech is still available online. and pointing out those remarks giving the country a dire warning about what he described as a threat to democratic government. he also used the phrase military industrial complex. since then that has become a rallying cry of opponents for expansion. in an effort to control the expansion of the military industrial complex the president sought to cut the pentagon's budget. he wanted a budget he said the country could afford. share your thoughts about the role you t
is up 5,550 points since then, just shy of the 14,000 mark. the economy is growing. instead of contracting. in the first quarter of 2009, the gdp contracted 5.3%. it grew 3.1% when the last time it was officially measured. though remains below where it was before the great recession, consumer confidence has nearly doubled. and a larger percentage of americans, 41%, according to our last poll, believe the country is headed in the right direction, up from 26% in january, 2009. on the other hand, there is plenty of data to support the idea that the drink country is not better off than it was four years ago. and that the struggling economy continues to take a toll on families. median household income is lower than it was in 2009. and 46 million americans live below the poverty line. several million more than four years ago. the federal public debt has increased from 10.6 trillion in january 2009 to 16.4 trillion now. then there's the big number that's exactly the same as it was four years ago. the unemployment rate. 7.8%. though it's down from, of course, a high of 10% in octobe
the way the move freight that fuels our economy. map 21 streamlines and consolidates programs and map 21 helps to shorten project delivery a priority for president obama and congress. when we deliver projects faster, when we deliver their benefits faster. like enhancing safety, less congestion and a cleaner environment. the project delivery improvement included in map 21 based on an innovative -- innovation initiative known as everyday counts. they took it from you, victor. you've done a great job with every day that counts. let's hear it for decter menendez and what he has done and what his team has done. thank you, victor. [applause] the concept behind everyday counts is the same as this year's thp. better, faster and smarter. finally map 21 helps us keep our transportation system safe. this law gives the department for the first time oversight over transit safety. again, a big thanks goes to peter rogoff. in the train crash your and 10, peter and i decided that we would commit ourselves to getting the department of transportation into the transit safety business and thanks to all of h
, growthing -- growing faster than the economy. we have to fix the social security system making promises that are bigger than which we can pay out down the road. .. but he recognizes the threat it putouts there in the economy in that you can't possibly imagine the real growth coming without a sense of stability. the with coming from knowing what these changes will be so you could have planning investments, job creation, all the necessary pieces of moving the economy forward. the big wild card is when people are going to make these tough choices instead of using them to fight in the normal political boxes. what is going to happen next? it's on a different path than i would have thought. if you think about the prospect theory which basically says when you're delivering good news you want to do it in lots of little pieces if they got a promotion than you want to tell them they got a raise and then tell them they got a bigger office. each piece of big news is good and makes people happier. if you were doing bad use and waiting for an airline that is going to be delayed. i think it really app
be pointed to a rotten economy. also joining us is our panel. you are worried about this, why? >> you know, apple is a very innovative company and we have gone through transitions with steve jobs leaving obviously. that is a transition. my concern is do they have innovation that he actually possessed. it's 3.8% of the s&p 500 and 10% of the nasdaq and down to 001 now. does that show consumers are not going to buy or replacing due to discretionary income and their fear of the overall market. think there is some correlation there. >> neil: maybe it's not quite the old times but there may be something on the horizon maybe its world economy? >> i think there are a couple of things. i think there is a lot term vision issue that still exists in the wake of steve jobs' death. all these products is his brainchild. we haven't seen the company on its own two feet yet. these numbers we're getting is an indication that we're getting today is troubling. this is a world's largest technology company. it sells iphones and tablets and they will sell fewer of them. the reason -- people want different option
there was a federal government shut down and they butted heads and the economy survived. when we had the debate over the debt ceiling that led to the downgrade. they are two different fights and the republicans might be willing to fight on another one. there won't be as big of a risk short-term to the u.s. economy. >> thank you very much. a great pleasure having you on. former governor mark sanford said he is scared to death and calls himself a wounded warrior. but he said he is ready for a political come back to fight the scandalous affair that ruined his marriage and career. we will tell you more about his plans coming up. zero dark 30 director is answering critics who slammed her for including torture scenes in the movie. something we thought you should know. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex offi
attached to it. >> heather: let's talk about the economy. the president starts his new term. less than 1% rate it as excellent. 9% say it's good shape. that is up a touch from his first inauguration but 91% of voters say economic conditions negatively today. why are we here again? >> you have to wonder. i point you back to november the conditions haven't changed all that much in two months. i would imagine that those exact numbers were the same on election day, and the american people not only re-elected the president but gave us the same senate in the house as we had before. so as much as they are saying economy isn't going well, when they had an opportunity to change things they voted for more of the same. >> heather: you mentioned congress, finally two polls dealing with that. first since president obama was re-elected, 30% think he has been more bipartisan in working with congressional republicans, 55% the majority says he has been more confrontational? >> i think some of the number for confrontational they are saying that as a positive. certainly democrats want him to be more confro
. the 2013 ram 1500 with best-in-class fuel economy. engineered to move heaven and earth. guts. glory. ram. the new ram 1500. motor trend's 2013 truck of the year. [ voice of dennis ] allstate. with accident forgiveness, they guarantee your rates won't go up just because of an accident. smart kid. [ voice of dennis ] indeed. are you in good hands? >> john: before we could even shake off our collective fiscal cliff fatigue it's now back to the doldrums of the debt ceiling debate, my friends. yes, unfortunately if you prefer your doomsday scenarios few and far between then washington, d.c. is no place for you. the newest wound that republicans in congress are considering inflicting upon ourselves and our fragile economy is defaulting on our financial obligations by refusing to raise the debt ceiling, something they agreed to rather effortlessly 25 times under george w. bush and ronald reagan. this would be the decision that would be only as disastrous as it is profoundly unnecessary. because the truth is, as president obama noted yesterday the u.s. economy's actually p
that are putting a stranglehold on the economy. it represents something more. it's the time of year that we have all waited for. when we sit on the edge of our seats for four quarters. it represents players reaching a childhood dream. the biggest stage there is in sports. a time when legacies are made. where a magical play can happen every snap, and you remember exactly where you were when it does. watch every moment of super bowl xlvii live on nfl mobile. bringing the big game to you when every play matters... verizon. call star-star nfl to download nfl mobile from verizon. you know it can be hard to lbreathe, and how that feels.e, copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may wor
are considering inflicting upon ourselves and our fragile economy is defaulting on our financial obligations by refusing to raise the debt ceiling, something they agreed to rather effortlessly 25 times under george w. bush and ronald reagan. this would be the decision that would be only as disastrous as it is profoundly unnecessary. because the truth is, as president obama noted yesterday the u.s. economy's actually poised for a good year if only congress can get out of the way. i kind of paraphrased that last part. now that we know we're not going to be minting a trillion dollar coin, we need something different. a bill that would repeal the debt ceiling altogether. it is an idea supported publicly by alan greenspan and times man of the year last year, ben bernanke. it is an idea that could prevent lawmakers from lurching our country from one crisis to the next just to ring out some short-term gain until another republican sits in the oval office. that's why it's probably an idea that this congress has no chance of making law. but joining me now is one of the sponsors of the bill to repeal
pessimistic view about whether they can get the economy moving again. >>> first lady michelle obama celebrating her 49th birthday with dinner out shows off a new haircut. bangs. >>> with us this hour stephanie cutter, chair of the presidential inaugural committee, board of directors, and our lookback at inaugurations past with no apologies for either the 1980s hair or the fashions. >>> oh, boy. good day. i'm andrea mitchell live in new york. president obama heads into his second term with a strong approval rating nationally, but grave doubts about his ability to kick the economy into high gear. joining us for our daily fix, chris alissa, managing editor of post politics.com, and as we're coming on the air chris, first of all, breaking news that house republicans are going to take up next week a short-term debt ceiling extension. is it too short? does this get us past the hump? >> well, you know, look, this is an attempt by republicans to acknowledge that in a way president obama has won on the i won't negotiate. >> it's not ending the problem, but it is an acknowledgment by house re
. i wouldn't put any jeopardizing of the economy there. shows that it is a very rational, put us on a better path and i would think all the american public could support it in the senate as well. >> the house is also suggesting a policy of no budget, no pay. if lawmakers fail to do their job, the american people shouldn't pay them. bill? >> bill: what do democrats say about all of this, mike? >> they seemed to welcome the idea, the republicans sound willing to extend the debt ceiling. a spokesman for majority leader harry reid says if the house can pass a clean debt ceiling increase to avoid default and allow the white house to to meet its existing obligations we will be happy to consider it. they don't want the drama. >> debt ceiling in a manner that causes no concern to the economy and to global markets, that does not in any way suggest that washington is about to, you know, engage in another process that results in a self-inflicted wound to the economy. >> this afternoon, carney calls on congress to pass an extension of the borrowing limit without delay. bill? >> bill: get rea
on that investment? are you benefiting from that? is there enough tax being generated in the economy to offset that and when a disaster occurs are you on the hook for all the infrastructure and everything else that may be required to rebuild that community? and isha return on that exposure greater than what your payoff would he? now the taxpayer, the answer unfortunately is too often now. we have subsidized risk to a point where as long as no extreme event occurs, it seems okay. but when the extreme event occurs you are now exposed to much greater costs without necessarily generating revenue or other societal benefits offsetting that risk. now, through the 70s and 80s and early '90s, when a lot of growth was taking place in growing coastal areas and other areas very few storms were occurring. the frequency was down so the illusion was i a pitcher for 3030 years and this never happened. the problem with climate and weather is 30-year cycles are like an eyelash in understanding how these systems work. notts talking about any other issues and now we find ourselves in this increased activity and y
the economy collapse. and in classic washington fashion, this is the case with the schoolhouse is on fire and rather than focusing on putting the fire out, everyone in washington runs out to use as much water. the budget deficit is the economy right now. that's the to 50 minute like that but that's the truth. i think it would be great if an organization with strength and integrity of a or b. would stand up and make the point because we're having an entire budget that is basically premised on something that is not true. >> i agree with you. we do have underlying pieces of our economy that need to get fixed. but massive change in spending and we've already cut a trillion dollars over all in spending. we've cut medicare as part of the political their act. we have to be really careful and just solving these problems by cutting spending. .. >> we do it in a way that supports families and the population that we have. >> let me just add to that. i agree with you, but unfortunately, most of the people on social security will be on fixed budgets. and so there's still a danger having out-of-pocket
years since the economy collapsed most traditional americans have been focused on the immediate and urgent children is the economy, unemployment. am i going to lose my job is my house under water either figuratively with my mortgage or literally with hurricane sandy. >> liberal americans are focused in on that too. >> when most traditional americans are focused on their jobs, their families, their lives, the bigger economic picture. >> bill: you are wrong about that because they have the same economic concerns but yet same to harness their energy in the ideology. >> here is the difference. the left wing focuses 24/7. they never rest on mission of secular progress transformation whether it's america or europe. >> bill: i agree with that. >> they never rest. traditional americans have lives, they have jobs. >> wait a second. >> they are less focused on the cultural side of things than they are about community. >> liberals don't have jobs. you are talking as if tradition is is opposition to liberalism as if you are a liberal therefore you don't respect or honor tradition. that's ab
, for our economy cannot be overstated. the sovereign debt of the united states, for it to be questions that we would pay our bills or not, is not a scenario that we want to go through as a country. that would really harm us. that said, as i was coming back on the train from new york, i shared this with those with me. i said you're going down this track at 130 miles an hour. what would cause the conductor, knowing that if he veers off on this next rail to the right and pulled the switch that would cause that to happen, even if he knew it would put the train at severe risk by veering off to the right, what would be the only reason a person would go off that course rather than go straight? and the reason is that there's a larger cavern, kind of a grand canyon that we are about to go off. here's what i have concluded as a businessman and a seasoned public servant. the music will stop at some point with respect to where we are. when we are pouring $1 trillion a year, 40 cents on the dollar, you cannot do that into perpetuity. the time for leadership is right now. the time to address this is
for breaking details. thank you. >> turning to the u.s. economy. consumer sentiment at the lowest sentiment for more than a year. reuters survey showed 35% of consumers have a negative reaction to fiscal cliff negotiations. the dow finished up 54. the s&p 500 gained five. the nort nasdaq lost one. there is word tonight that republicans may be willing to give a little now to get something back later. we are talking about the debt ceiling. versus spending cuts. chief congressional correspondent mike emanuel reports on the house g.o.p. winter retreat in virginia. >> at the house g.o.p. retreat in williamsberg, virginia, the leaders decided they will pass three-month temporary increase to give them time to finalize a budget. speaker boehner said before there is long-term debt limit increase a budget should be passed that cut spending. the house g.o.p. whip hinted at the strategy. >> our hope is to pass something early so the senate can take action as well. i wouldn't be jeopardizingor economy there. it shows it's a rational, put us on a better path. and i would hi the american public could supp
that the slaves produced for their masters and that made up the core of the southern economy. and only slave labor, only the labor of people who were owned outright by their owners, by landowners who had no right to object, much less to refuse the conditions under which they were compelled to work, only slave labor would cultivate those crops intensively and cheaply enough to yield the tremendous profits that they did. slavery's importance to the southern elite was not simply a matter of dollars and cents. to many masters, as slave owners liked to be called, slavery appeared to be an essential, even an irreplaceable fixture of society. it was inseparable from everything that they knew and loved. it was inseparable from all aspects of what they refer to as their way of life. of course, economically but also socially and culturally. slavery was the unique basis of the particular outlook, the assumptions, the norms, the habits, the relationships to which these masters had become deeply and reflectsively attached -- reflectsively attached. it defined their culture, it shaped their religion, it even sh
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